New Fed Chair Kevin Warsh Expands Team with Conservative Hires

Federal Reserve Chair Kevin Warsh has made his initial hires, bringing on board two conservative economists, Paul Winfree and Daniel Heil. Winfree, known for his contributions to the conservative policy guide "Project 2025," will collaborate with Warsh in policy analysis and planning, alongside Heil, a fellow at Stanford's Hoover Institution.

Warsh's appointments are expected to attract significant attention, particularly given his network of high-profile advisers that includes figures such as former Secretary of State Condoleezza Rice and Chevron CEO Mike Wirth. However, many of his advisers lack substantial experience within the Fed or other major central banks. Warsh, who served as a Fed governor during the 2007-2008 financial crisis, has described himself as an insider-turned-critic. During his swearing-in, he emphasized a desire to foster an environment conducive to optimal performance by his team.

Winfree's prior experience includes working on the Domestic Policy Council in the Trump administration and founding a pro-Trump think tank. His chapter in "Project 2025" proposed various reforms for the Fed, suggesting a departure from the dual mandate of maximizing employment and stabilizing prices, advocating instead for a focus on dollar protection and inflation control. In contrast, Warsh has expressed support for maintaining the Fed's dual mandate.